AU Small Finance Bank

Nice banking service and finance service 💯💯

AU Small Finance Bank Limited (AU Bank) is a small finance bank with operations across its 500+ touch points including 306 bank branches 106 asset centres 23 offices 291 ATMs across 11 states of North West and Central India and a team of 10000+ employees.AU Small Finance Bank Limited was originally incorporated as L.N. Finco Gems Private Limited on 10 January 1996 as a private limited company under the Companies Act 1956 with the RoC. In year 2000 the company received certificate of registration under section 45 I A of RBI Act from the RBI to carry on the business of non-banking financial institution without accepting public deposits.Pursuant to the change of name of the company to Au Financiers (India) Private Limited to reflect the diversified finance business a fresh certificate of incorporation was issued by the RoC on May 24 2005. In 2005 the company became commercial associate of HDFC Bank for carrying on the business of financing commercial vehicles.The company was founded by Sanjay Agarwal (managing director and CEO of AU Small Finance Bank) as a private limited company, and publicly listed in an IPO on 29 June 2017. Due to its history as a vehicle finance company, as of March 2018 almost all the loans made by AU Small Finance Bank were secured.This provides lower yields (lower interest rates) than unsecured loans, so the bank has been particularly active in growing its deposits, as bank deposits have lower cost than other sources of funds. It has also sought to diversify into savings products like deposits, payment / transaction banking, distribution of third-party products, and additional loan products thereby positioning itself as a holistic financial products and services provider. Overall, the services are okay and customer satisfaction is good.